Quick Takeaways
- The PAM00241 is a 40mm stainless steel Luminor Power Reserve with a black Clous de Paris dial, made in regular production from 2006 to 2013.
- The hobnail dial is a single-layer black face with Luminova markers. The power reserve indicator sits in the lower right, above the 4, 5 and 6 hour markers, and the small seconds sits at 9.
- The OP IX automatic runs hours, minutes, small seconds, date and the reserve display, with 42 hours of power reserve. A watch that has sat will stop, so read the indicator first.
- The case carries the Luminor crown guard, a 2.5mm sapphire crystal, a solid caseback and 300 metres of water resistance. Compact, but still a Luminor.
- Recent auction results sit between $3,486 and $4,309. Dealer asks run higher.
Jump directly to the spec sheet.
Forty millimetres is smaller than most people picture when they hear Luminor, and on the PAM00241 it is the whole point. This Panerai PAM00241 review is about a regular-production Luminor Power Reserve that stayed in the catalogue from 2006 to 2013, wearing a black Clous de Paris dial and a reserve indicator tucked into the lower right.
It takes the crown guard, the cushion case and 300 metres of water resistance, and fits them into a case that suits more wrists than the 44mm default. Next to the big Luminors, this is the small one.
It never became a headline reference. No edition number, no collaboration. What it has is a dial worth studying and a layout that carries time, seconds, date and winding status on a face only 40mm wide.
Is that enough to make a Panerai worth owning? Here is what the PAM00241 offers, what it costs today and who should buy it.
What Is the PAM00241?
WatchBase lists it as the Luminor Power Reserve Clous de Paris, produced from 2006 to 2013 and not limited. The case is stainless steel, cushion-shaped, 40mm across with 22mm lugs, and rated to 300 metres.
The dates need a flag. Individual dealer listings give 2009, 2010 and 2012 for the watches they sold, which all fall inside WatchBase’s range. WatchLounge also marks it as neither a special nor a limited edition, and lists production runs of 800 pieces for each of 2006, 2007 and 2008, then 500 for later letter codes it doesn’t map to years. I couldn’t verify those numbers anywhere else, so I’d treat them as a sign of a regular catalogue watch and nothing more precise.
It is a Luminor, so the crown sits under the signature guard. Bob’s Watches and Paneraisource both list the crown protector.
The Hobnail Dial: Where This Watch Makes Its Case
This is the section that carries the watch, so it runs long.
Clous de Paris, or hobnail, is a grid of tiny pyramids covering the dial. On the PAM00241 the whole face is black, a single layer, with the pyramid grid running edge to edge. A flat black dial on a 40mm case can read as one dark patch. The pyramids break that up, and a grid catches light from more angles than a smooth surface, so the dial gains depth without adding a second layer.
That is a deliberate choice, and it is the reason I would take this dial over a plain matte one. My hobnail dial explainer covers the texture and the other references that use it.
The markers are Arabic numerals and batons filled with Luminova. Hours and minutes run from the centre. The small seconds sits at 9 o’clock, and the date window completes the layout.
The reserve indicator is the detail that gives the face its character. It sits in the lower right, above the 4, 5 and 6 hour markers, and it works as a gauge showing how much wind is left in the mainspring. Placed there, it balances the small seconds on the opposite side of the dial. Two small registers, two sides, and a textured black field between them.
Four pieces of information share a 40mm face: time, seconds, date and reserve. That is a lot, and the hobnail texture is what holds it together visually. Without it the layout would feel like a spec sheet. With it, the dial looks like a single, considered object.
Luminova on numerals and batons against a black field is the classic Panerai recipe for reading the time at a glance. The texture adds depth without taking anything away from the hour markers. If you want the textured Panerai dial at a size that doesn’t dominate the wrist, this is the reference that delivers it.
How Does the Power Reserve Indicator Work?
A power reserve indicator is a gauge on the dial that shows how much wind remains in the mainspring. It matters on an automatic, because an automatic that sits unworn runs down, and the indicator tells you at a glance whether the watch has energy or needs a wind.
On the PAM00241 the indicator is in the lower right, above the 4, 5 and 6 markers. The movement gives 42 hours. That is under two days, so a weekend in a drawer will stop it. The indicator is the answer to that problem: check it, wind the crown if it’s low, and the watch is back to full.
It is the practical difference between this and a plain Luminor. You stop guessing and start reading.
The OP IX Movement
The movement is the Panerai OP IX, an automatic built on the Valjoux 7750, the workhorse of the Swiss chronograph world. Panerai modified it to drive hours, minutes, small seconds, date and the reserve display.
The OP prefix marks Panerai’s externally sourced calibres, so this is a proven base, not a manufacture movement. The 42-hour reserve shows it: the P.3000 I cover in other reviews runs for three days. If you collect for in-house credentials, look elsewhere. If you collect for dial and design, the OP IX does its job without drama.
The caseback is solid, so the movement stays out of sight. That is worth knowing, because many modern Panerai references show it through sapphire. Here the movement is something you wind and trust.
Is 40mm Too Small for a Luminor?
It depends what you expect from the word Luminor. The Luminors I review here run from 42mm to 49mm. At 40mm, with 22mm lugs and about 16mm of thickness, the PAM00241 sits below that whole range, with the same crown guard and the same 300 metres.
Panerai’s size reputation comes from the 44mm and 47mm cases. The PAM00241 gives you the identity of the Luminor, the guard, the cushion shape and a 2.5mm sapphire crystal, in a package that fits a smaller wrist or a collector who finds 44mm too much.
I’d call it the Panerai for people who say they don’t like Panerai. The size is the argument. The dial is the closer.
PAM00241 vs Its Relatives
If the hobnail dial draws you more than the 40mm case, my PAM00537 review covers a 42mm Luminor 1950 with a hobnail dial, GMT and a power reserve. It adds a second time zone and a different movement. Think of it as a relative.
If you want the opposite approach, the PAM00372 is a hand-wound 47mm Luminor 1950 with a vintage-inspired design. Same Luminor family, the other end of the size range.
The 40mm Power Reserve format also exists in other references. The PAM00125 is the Luminor Power Reserve 40mm and the PAM00126 is the same size on a bracelet. Compare dials before you assume they match.
What Is the PAM00241 Worth Today?
Auction results tell the clearest story. Antiquorum sold one in December 2025 for $4,309, 22% above its estimate. Grailzee followed in April and May 2026 at $3,938, and Gardiner Houlgate in August 2026 at $3,486. Dealer asks have run higher, from about $4,700 for a private listing to $5,500 for a pre-owned example from a dealer.
That puts the fair range around $3,500 to $4,300 for a good example. I’d pay toward the top only for a complete set with box and papers, and I’d be wary of asks above $5,500 without one.
The chart and the pull quote are missing on purpose. Three auction results are not a trend, and nobody has written a line about this reference worth borrowing.
Who Is It For?
- The collector who wants a compact Luminor with the crown guard and finds 44mm too much
- Someone drawn to the black hobnail dial and the depth the texture gives a plain black face
- A buyer who likes a power reserve indicator and a date in a regular-production reference
- A Paneristi building a collection of Luminor Power Reserve references
Not for: collectors who want a limited edition; anyone who wants a display caseback to see the movement; buyers who need three days of power reserve.
Conclusion
The PAM00241 is a small Luminor that spends its effort on the dial. The pyramids, the lower-right reserve indicator and the 40mm case make it a quiet watch, and that is what makes it interesting.
Is it worth it? If you want the Luminor look at 40mm with a power reserve indicator, yes. The auction range of $3,500 to $4,300 is fair for a regular-production reference with this dial. The solid back and the 42-hour reserve are the trade-offs, and both are easy to live with if you wear the watch.
Would you take the 40mm PAM00241, or does a Luminor have to be 44mm for you? Tell me in the comments.
Extended Summary
- The PAM00241 is the Luminor Power Reserve Clous de Paris, made in regular production from 2006 to 2013 in a 40mm steel case with 22mm lugs.
- The dial is a single-layer black hobnail face with Luminova markers, small seconds at 9, a date window and the power reserve indicator in the lower right.
- The OP IX automatic is built on the Valjoux 7750 and gives 42 hours of reserve, so check the indicator before wearing.
- The case has the crown guard, a 2.5mm sapphire crystal, a solid back and 300 metres. The PAM00537, the PAM00372 and the 40mm PAM00125 and PAM00126 are the nearest relatives.
- Auction results run from $3,486 to $4,309, and the fair range for a good example is about $3,500 to $4,300.
At a Glance
| Spec | Detail |
|---|---|
| Reference | PAM00241 |
| Name | Luminor Power Reserve Clous de Paris |
| Collection | Luminor |
| Produced | 2006 to 2013 |
| Edition | Regular production |
| Case material | Stainless steel |
| Case diameter | 40mm |
| Case thickness | About 16mm |
| Lug width | 22mm |
| Water resistance | 300 metres |
| Movement | Panerai OP IX, automatic (Valjoux 7750 base) |
| Power reserve | 42 hours |
| Functions | Hours, minutes, small seconds (9 o’clock), date, power reserve indicator (lower right, above the 4, 5 and 6 markers) |
| Dial | Black Clous de Paris (hobnail), single layer, Luminova markers |
| Crystal | Sapphire (2.5mm) |
| Caseback | Solid |
| Availability | Discontinued; pre-owned market |
| Secondary market | Auction results about $3,486 to $4,309 (Dec 2025 to Aug 2026) |
